Liberty Securities, First Atlantic axed from Ghana Stock Exchange
The Ghana Stock Exchange (GSE) has banned Liberty Securities Limited (LSL) and First Atlantic Brokerage Limited (FABL) for violating regulations governing operations.
Both were axed for operating without an Authorised Dealing Officer (ADO) for more than three months in violation of GSE rules. Additionally, they were cited for low liquidity and inactivity on the market due to the absence of an ADO to execute trades.
On the part of First Atlantic, they were cited for an inferior liquidity position while Liberty was had low net shareholders’ fund balance and low liquidity position.
The two investment firms cannot take part in trading activities on the exchange following the action of the management of the GSE.
They, therefore cease to be Licenced Dealing Members (LDM) and cannot execute stocks trades, provide investment advice or hold in a lien or in trust client’s accounts of their security holdings.
The GSE has made provisions for investors to transfer management of their portfolios to other Licenced Dealing Members (LDMs).
“The Exchange assures all existing clients of LSL and FABL that there are procedures for existing clients registered with both LDMs to transfer their security accounts and security holdings to any LDM of their choice.
“A help desk or a correspondence officer will be communicated by each LDM to respond to clients’ issues,” GSE said in a statement on Thursday.